File Extension OFX

File extension OFX is most commonly
associated with an Open Financial Exchange file, which contains data pertaining
to a financial transaction and can be imported into a variety of
money-management applications. Though uncommon, the OFX file extension was also
used by Olicom Fax to store documents as images.

The Open Financial Exchange file format was
developed by CheckFree, Intuit and Microsoft, with the original specification
released in 1997. OFX files were designed to be a solution to transferring
financial transaction data which would be widely supported by a range of
financial management applications. OFX files are used to transfer transaction
information from financial institutions websites, and may be either one or
two-way. One-way OFX transmissions, sometimes referred to as active statements,
involve the download of statements or transaction details from a financial
institutions website. Two-way OFX transmissions, which are sometimes referred
to as direct statements, offer the same functionality with the addition of
electronic payments if supported by the client's bank, and can be initiated
client-side.

OFX files are widely used by both consumer
and business banking, and allow the integration of live financial transaction
information into customer systems. As the OFX standard is an open format,
developers can build their own front-end interfaces to make use of data from
financial institutions.

OFX files which conform to version 1.6 or
older were written in SGML (Standard Generalized Markup Language), with subsequent
versions making use of XML (Extensible Markup Language).

OFX files which relate to financial data
can be opened using any application which supports the format. OFX files can be
opened using Microsoft Money, Microsoft Office Accounting and Sage Accpac on
the Windows platform, Apple iWorks 08 Numbers and above on the Mac and GnuCash
on both Mac and Linux. Though Intuit was involved in the development of the OFX
format, Quicken, their flagship financial management application, only supports
financial transaction data in their own File extension QFX format.

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